Jyoti CNC Automation IPO Opens with Strong Demand, Subscribed 91% in Initial Hours

9 Jan 2024 , 12:09 PM

The initial public offering (IPO) of Jyoti CNC Automation Limited kickstarted today and will continue to accept subscriptions until January 11, 2024. This implies that the public issue will be accessible for investors from Tuesday to Thursday this week. The CNC machines manufacturer has set the Jyoti CNC Automation IPO price band at Rs 315 to Rs 331 per equity share, with plans for a listing on both BSE and NSE. To subscribe to the IPO, click here.

Within the first two hours of opening, the issue has witnessed robust demand, reaching a subscription level of 91%. The retail portion is fully subscribed, showing a remarkable 3.79 times subscription, while the Non-Institutional Investor (NII) portion received bids equal to 77% of the reserved quota. As of now, the Qualified Institutional Buyer (QIB) portion remains unsubscribed.

Additionally, the company has allocated a specific portion for its employees, which has seen a subscription level of 1.48 times. The automotive company aims to raise Rs 1,000 crore through the issuance of fresh shares. Interested bidders can apply in lots, with one lot comprising 45 company shares.